USD/CHF (a 4-hour chart)
Switzerland presented the report, indicating the country industrial orders volume in the second quarter: -2.4% vs. -4.8 which have been revised from -0.9%.
The Commerce Department revised the durable goods orders data for June upwards (to + 4.1% from 3.4%) which improved GDP growth economists’ forecasts in the second quarter.
The dollar sharp decline against the franc was stopped at the support level of 0.9280, but then it turned up towards the correction. The dollar reached the resistance of 0.9650.
The price is finding the first support at 0.9540, the next one is at 0.9370. The price is finding the first resistance at 0.9650, the next one is at 0.9750.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Golden Cross”.
The MACD indicator is in a positive territory. The price is growing.
We advise to long with the first target - 0.9650. When the pair consolidates below the first target, we can open deals to the levels of 0.9750, 0.9850.